Arjuna (Fictional Character): Krishna,monsoon has arrived in India with all it’s glory. Similarly it’s raining in GST,with downpour of various notifications and circulars by CBIC, what are they about?
Krishna (Fictional Character): Arjuna, change in season is always refreshing, let us see whether these issuance of notifications and circulars bring change of season for taxpayers as well:
1. Post sale discount given by the supplier to the dealer would not be included in value of supply, if there is no obligation or action to be taken on the part of dealer. Butit would be included if discount is like post sale incentive. For ex- If dealer has to do exhibition after taking discount then this will be supply of service by the dealer, hence taxable.
2. Additional discount is given by supplier to the dealer to offering goods at special reduced price to it’s customer to increase sales would be taxable. This is light showering clarification.
3. ITC claimedneed not be reversed if above post sales discount is provide by way issuance of financial credit/debit note i.e. no tax impact has been given.
1. The due date for filing of annual return and GST Audit Report has been extended to 31st August 2019.
2. The due date for GSTR-7 (Oct 18 to Jul 19) and GST ITC-04 (Jul 17 to Jun 19) has been extended to 31st August 2019.
3. Date for filing GSTR-1 by registered person having t/o upto Rs. 1.5 Cr has been extended to 31st October,2019 for the returns of month of Jul 19 to Sept 19.
4. Date for filing GSTR-1 by registered person having t/o above Rs. 1.5 Cr for the months of Jul 19 to Sept 19 is 11th day of the succeeding month.
5. Date for filing GSTR-3B for the months of Jul 19 to Sept 19 is 20th day of the succeeding month.
As umbrella protect from rain similarly Form GST PMT-09 has come to protect taxpayer, by providing option to transfer taxes paid under wrong head to correct head.
Earlier GSTR-9 required to report amendments from April to September, 2018 but the lawhas allowed amendment till March, 2019 same has been changed in GSTR-9.
Arjuna: Krishna, what should one learn from this?
Krishna :Arjuna, as rain the washes away the dirt similarly issuance of notifications and circulars have washed away doubts by bringing in the clarity on certain issues. Monsoon season is pleasant season and now let’s see how these amendments prove pleasant to taxpayers.